Contents :
We refer to your letter dated 17 July 2000 and would like to inform the Exchange of the following:-
1. FOUNDING SHAREHOLDERS
In respect of changes in substantial shreholdings, save as reported to the Exchange to-date, we are not aware of any changes in shareholders and therefore deny the report.
2. PARTICIPATION OF DATO' JOSEPH CHONG
Similarly, we have not been informed of any potential buyers of shares in Southern Plastic Holdings Berhad("SPH"), in particular, of the participation of Dato' Joseph Chong in any negotiations. We are not aware of any negotiations of takeovers and we therefore deny the report.
3. CHANGE IN FOCUS OF CORE BUSINESS
The Directors of SPH acknowledge that arising from the losses reported by SPH for the 9 months ended 29th February 2000, the Directors are considering a financial and operational review exercise which may include the identification of new projects with good earnings potential to be injected into the Group to enhance the financial position.
It is our intention to make the necessary annoucement to the Exchange upon finalisation of any corporate plans arising from the said review exercise.
Thank you and please do not hesitate to contact us if you have any queries or require further information.
Query Letter Contents :
We refer to the above article appearing in The Sun, Sun Biz, page 3 , on Monday
, 17 July 2000, a copy of which is enclosed for your reference.
In particular, we would like to draw your attention to the underlined sentences
which are reproduced as follows:-
"….., founding and controlling shareholder Ch’ng Kee Guan may be selling out
of this
Penang-based Second Board company."
"..…there is a likelihood that the buyer could be business associates of Paul
Leong..…"
"....Chong might even be making a comeback into the business world through
...…
Southern Plastic."
"Ch’ng’s departure from the scene has given rise to speculation as to whether
that would
lead to a change in focus from the group’s current core businesses."
"An injection of assets into the company by new major shareholders is
anticipated."
In accordance with the Exchange's Corporate Disclosure Policy, you are
requested to furnish the Exchange with an announcement for public release
confirming or denying the above reported article and in particular the
underlined sentences after due and diligent enquiry with all the directors,
substantial shareholders and all such other persons reasonably familiar with
the matters about which the disclosure is to be made in this respect. In the
event you deny the above sentences or any other part of the above reported
article, you are required to set forth facts sufficient to clarify any
misleading aspects of the same. In the event you confirm the above sentences or
any other part of the above reported article, you are required to set forth
facts sufficient to support the same.
Please furnish the Exchange with your reply within one (1) market day from the
date hereof.
Yours faithfully
KUALA LUMPUR STOCK EXCHANGE
TAN YEW ENG
Senior Manager, Listing Operations
SA/TYE/NMA
cc. Securities Commission
